Published: Thu, August 09, 2018
Economy | By Shawn Conner

Trump going ahead with taxes on $16 billion in Chinese imports

Trump going ahead with taxes on $16 billion in Chinese imports

"This is a very unreasonable practice", the Chinese commerce ministry said of the USA action on Wednesday as it rolled out China's counter-tariffs.

China's exports grew faster than expected in July, while imports surged, showing both domestic and global demand continue for now to shrug off the uncertainty of the trade conflict with the US.

The world's two biggest economies are locked in a trade dispute.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

The Trump administration has deepened its trade war with China by announcing a new round of tariffs worth $US16 billion ($22 billion), a move the Chinese government has warned will trigger another round of retaliatory tariffs on United States exports.

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Sales to the USA rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June.

China's exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

All in all, China's trade surplus with the USA shrank to $28.08 billion in July against $28.97 billion in the previous month.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods past year.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

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Imports grew 27.3 percent in July, customs said, beating analysts' forecast of 16.2 percent growth, and compared with a 14.1 percent rise in June.

During the same period, trade with the European Union, its largest trading partner, climbed 5.9 percent, and trade volume with ASEAN countries increased by 11.6 percent.

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Representatives for the White House, the U.S. Trade Representative and the U.S. Department of Commerce did not immediately reply to requests for comment.

For January-July, the surplus with the US rose to $161.63 billion, compared with about $142.75 billion in the same period previous year. The additional tariffs will go into effect on August 23.

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The Asian economic powerhouse will add the tariffs on USA imports to measure the same tax placed on their exports, CNBC said.

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